General Dynamics Awarded $54 Million for Development of Advanced Submarine Technologies

GROTON, Conn. – General Dynamics Electric Boat has been awarded a $53.7 million U.S. Navy contract modification to develop advanced submarine technologies for current and future undersea platforms. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).

Under the terms of the modification, Electric Boat will perform Concept Formulation (CONFORM) studies in a wide range of technology areas including manufacturability, maintainability, survivability, hydrodynamics, acoustics and materials. Electric Boat also will conduct research and development in additional areas including manning, hull integrity, performance, ship control, logistics, weapons handling and safety.

The contract being modified was initially awarded in November 2006 and has a total value to date of approximately $71.7 million and a total potential value of $78.5 million.

General Dynamics, headquartered in Falls Church, Va., employs approximately 83,000 people worldwide, and expects 2007 revenues of approximately $27 billion. The company is a market leader in business aviation; land and expeditionary combat systems, armaments and munitions; shipbuilding and marine systems; and information systems and technologies.